NHPC Limited (IN:NHPC)
:NHPC
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NHPC Limited
(NHPC)
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Rating:47Neutral
Price Target:
₹76.00
▼(-9.11% Downside)
Action:Reiterated
Date:05/18/26
The score is primarily constrained by weak cash conversion and sharply negative free cash flow alongside rising leverage, which outweigh steady revenue and solid margins. Technicals also point to bearish momentum with the stock trading below major moving averages. Valuation further limits upside due to a very high P/E, despite a moderate dividend yield.
Positive Factors
Sustained Profitability / Margins
NHPC’s ~24% net margin in FY2026 indicates durable operational efficiency within hydro generation and regulated/tariffed frameworks. Such sustained margins provide a stable earnings base to support maintenance, predictable cash inflows from contracted sales, and resilience through hydrology cycles over the medium term.
Negative Factors
Weak Cash Generation / Deep Negative FCF
A collapse in operating cash flow and a ~-107.6B free cash flow point to severe cash conversion issues from rising capex or working-capital strain. Persistent negative FCF elevates refinancing and execution risk, limits reinvestment capacity, and pressures liquidity over the next several quarters to years.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Profitability / Margins
NHPC’s ~24% net margin in FY2026 indicates durable operational efficiency within hydro generation and regulated/tariffed frameworks. Such sustained margins provide a stable earnings base to support maintenance, predictable cash inflows from contracted sales, and resilience through hydrology cycles over the medium term.
Read all positive factors
NHPC Limited (NHPC) vs. iShares MSCI India ETF (INDA)
Market Cap
₹762.92B
Dividend Yield2.44%
Average Volume (3M)1.12M
Price to Earnings (P/E)17.7
Beta (1Y)1.10
Revenue Growth11.90%
EPS Growth24.47%
CountryIN
Employees4,461
SectorUtilities
Sector Strength65
IndustryRenewable Utilities
Share Statistics
EPS (TTM)3.16
Shares Outstanding10,045,034,000
10 Day Avg. Volume870,126
30 Day Avg. Volume1,122,519
Financial Highlights & Ratios
PEG Ratio1.05
Price to Book (P/B)1.79
Price to Sales (P/S)6.37
P/FCF Ratio-6.88
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)4.65
Revenue Forecast (FY)₹176.22B
NHPC Limited Business Overview & Revenue Model
Company Description
NHPC Limited, an Indian enterprise established in 1975 and headquartered in Faridabad, is a prominent entity in the nation's electricity sector. Through its subsidiaries, the company's primary business involves generating and supplying power deriv...
How the Company Makes Money
NHPC primarily makes money by generating electricity at its hydroelectric power plants and selling that power to electricity distribution companies and other eligible customers under long-term power purchase agreements (PPAs) and other sale arrang...
NHPC Limited Financial Statement Overview
Summary
Income Statement
70
Positive
Balance Sheet
56
Neutral
Cash Flow
30
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 112.07B | 116.15B | 103.74B | 92.52B | 104.79B | 90.62B |
| Gross Profit | 91.49B | 73.20B | 90.79B | 80.39B | 91.58B | 78.74B |
| EBITDA | 92.11B | 63.09B | 89.98B | 82.16B | 82.50B | 71.76B |
| Net Income | 31.71B | 27.82B | 30.07B | 35.96B | 39.03B | 35.24B |
Balance Sheet | ||||||
| Total Assets | 1.12T | 1.20T | 1.03T | 932.95B | 890.86B | 772.85B |
| Cash, Cash Equivalents and Short-Term Investments | 30.48B | 36.62B | 27.51B | 36.35B | 37.87B | 17.28B |
| Total Debt | 449.23B | 523.27B | 415.74B | 345.78B | 315.57B | 260.96B |
| Total Liabilities | 645.23B | 716.06B | 575.15B | 494.03B | 443.73B | 396.89B |
| Stockholders Equity | 412.40B | 414.37B | 396.68B | 387.02B | 368.99B | 349.21B |
Cash Flow | ||||||
| Free Cash Flow | -35.11B | -107.63B | -38.25B | -596.40M | -2.68B | 14.57B |
| Operating Cash Flow | 15.83B | 8.09B | 50.26B | 69.38B | 46.92B | 64.72B |
| Investing Cash Flow | -50.46B | -100.73B | -75.50B | -59.68B | -42.46B | -49.66B |
| Financing Cash Flow | 38.04B | 103.46B | 19.04B | -5.81B | -7.96B | -6.38B |
NHPC Limited Technical Analysis
Neutral
83.62
Price Trends
78.62
Negative
77.15
Negative
78.68
Negative
Market Momentum
-1.04
Negative
48.73
Neutral
77.50
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NHPC, the sentiment is Neutral. The current price of 83.62 is above the 20-day moving average (MA) of 75.63, above the 50-day MA of 78.62, and above the 200-day MA of 78.68, indicating a neutral trend. The MACD of -1.04 indicates Negative momentum. The RSI at 48.73 is Neutral, neither overbought nor oversold. The STOCH value of 77.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:NHPC.
NHPC Limited Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
57 Neutral | ₹2.48T | 155.41 | ― | ― | 14.13% | 10.67% | |
55 Neutral | ₹234.18B | 40.29 | ― | ― | 44.00% | 97.66% | |
54 Neutral | ₹50.00B | 95.07 | ― | ― | -8.91% | -76.31% | |
52 Neutral | ₹807.66B | 157.12 | ― | ― | 30.48% | 5.05% | |
49 Neutral | ₹291.51B | 45.47 | ― | 1.94% | 47.40% | -21.63% | |
47 Neutral | ₹762.92B | 17.68 | ― | 2.44% | 11.90% | 24.47% |
* Utilities Sector Average
IN:NHPC
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NHPC Limited Corporate Events
NHPC Subsidiary Faces Tax Demand as Parent Raises Stake in Ratle Hydro Project
Mar 28, 2026
NHDC Limited, a subsidiary of NHPC Limited, has received an income tax demand notice of Rs 231.78 crore for assessment year 2024-25 from the Income Tax Department’s Faceless Assessment Unit. The company says the demand arises from non-consid...
NHPC Brings Third Unit of 2,000 MW Subansiri Lower Hydropower Project into Commercial Operation
Mar 17, 2026
NHPC Limited has announced the commercial operation of Unit 1, a 250 MW generator, at its 2,000 MW Subansiri Lower Hydroelectric Project located on the Assam–Arunachal Pradesh border, effective from midnight on 20 March 2026. With this miles...
NHPC Raises ₹2,000 Crore via 7.29% Unsecured AH Series Bonds
Feb 27, 2026
NHPC Limited has raised ₹2,000 crore through the private placement of listed, unsecured, non-convertible, non-cumulative, redeemable, taxable AH Series 2041 bonds bearing a coupon of 7.29% per annum. The 15-year bonds, each with a face value...
NHPC Updates Investors on Kishanganga Arbitration Award in Favour of HCC
Feb 23, 2026
NHPC Limited has disclosed an update on a material arbitration case related to the Kishanganga Hydroelectric Project, where an arbitral tribunal has pronounced an award in favour of contractor Hindustan Construction Company. The dispute concerns c...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.